Europe’s booming second-hand market to reach €86 billion by 2028

05 April 2024 Consultancy.eu 2 min. read

The European second-hand market is now worth over €32 billion worldwide and is projected to reach €86 billion by 2028. That is according to this year’s edition of an annual study from startup Tripartie in collaboration with Wavestone.

That current value of the global second-hand market, €128 billion, is indicative of significant annual growth as the market for used goods and products booms thanks to less purchasing power across the board and the growing popularity of e-commerce.

It is estimated that more than 87% of Europeans already participate in the second-hand market.

Europe’s booming second-hand market to reach €86 billion by 2028

The study found an annual rate of growth of 22% and around half of respondents to the study said that they had bought at least one second-hand product in the last 12 months.

Young people appear to be especially engaged in the second-hand market, with 81% of respondents from 18 to 24 year olds saying they have bought or sold goods.

The used-products market (also known as C2C, or customer-to-customer) is both online and offline. Online players – like Ebay.com or newer players like Vinted – act merely as an intermediary and facilitate transactions between buyers and sellers.

E-commerce is big business in Europe, with countries like the UK seeing over 10% of their GDP dominated by the sector. The sector is a smaller percentage of the GDP of countries like France, Spain, and Germany, but it still accounts for tens of billions of euros.

Europe’s booming second-hand market to reach €86 billion by 2028

Environmental concerns also help to boost the market for used products. The study shows that 7 out of 10 people already buy second-hand clothing and 1 out of 10 reported having sold a phone on a second-hand marketplace.

“Nearly 50% of the respondents buy second-hand for environmental reasons, with the aim of reducing waste, limiting their impact on the planet and fighting against overconsumption,” reads the study.

“The Covid-19 lockdown was an opportunity for many consumers to experience a forced reduction in consumption that encouraged them to question their consumption habits and their impact on the environment. By promoting re-use and the circular economy, buying second-hand goods meets consumers’ environmental concerns, particularly for millennials and Gen Z.”

Tripartie is a start-up from France that helps consumers resolve their disputes stemming from online purchases. Wavestone is a leading management and digital consulting firm.